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Coutts divests noncore emerging markets assets to RBC wealth arm

Royal Bank of Scotland on Tuesday unveiled plans by its Coutts arm to sell the wealth manager’s Latin American, Caribbean and African business to Royal Bank of Canada, Dow Jones reported.

The private banking business manages more than $2bn on behalf of clients located across the three regions, RBC said. George Lewis, head of RBC Wealth Management, said that almost 20 private bankers from Coutts will join his firm’s emerging markets division following the transaction.

The disposal is in line with Coutts' strategy to focus its growth on key geographies which include the UK, Switzerland, Russia/CIS, the Middle East and selected markets in Asia.